China called and they want to talk about trade. China has already reversed on crude oil imports from the US and now the market is thinking China needs to find a solution to get away from their tariffs on soybeans. The tariff on soybeans was purely political by China as it has increased their price for soybeans by 20% or more. Once China put a 25% tariff on Soybeans imports from the US, Brazil was free to price gouge…and they have!
Soybeans were up over 25 cents today due to the announcement from China that they are sending delegates to Washington for trade talks.
We continue to like corn and wheat once we get past Sept Corn/Wheat FND (last business day in Aug). Exports for wheat are finally starting to pick up as Iraq bought wheat from the US this week. Starting in November US wheat might be the only game in town for exports. Stay tuned!
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Craig Turner – Commodity Futures Broker
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